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Finances feeling tight? New figures on disposable income help explain why
Monthly disposable income fell by £40 per person between Boris Johnson's election victory in December 2019 and Rishi Sunak's defeat in July 2024.
It is the first time in recorded British history that disposable income has been lower at the end of a parliamentary term than it was at the start, Sky News Data x Forensics analysis reveals. Disposable income is the money people have left over after paying taxes and receiving benefits (including pensions).
Essential expenses like rent or mortgage payments, council tax, food and energy bills all need to be paid from disposable income. Previously published figures showed a slight improvement between December 2019 and June 2024, but those were updated by the Office for National Statistics on Tuesday.
There has been an uplift in the last year, although we're poorer now than we were at the start of the year, and today we only have £1 more on average to spend or save each month than we did at the end of 2019. That represents "an unmitigated disaster for living standards.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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